Spreadex Market Update
European equities find stable ground after the Dax breaches 9,950.
European equities have found stable ground this afternoon, after the Dax pushed into the upper half of 9,950 yesterday. The German index of stocks has now almost doubled from the July 2011 lows, where the height of the Eurozone crisis sent risk appetite into a spin. Going forward, investors will be keen to observe the reaction of any further announcement from the ECB with regards to steps to combat low inflation, such as interest rate changes or asset purchases. It could be said that a great deal of what has powered Eurozone equities to new highs has been that expectation, and much of it could be already reflected by prices save for a surprise to the upside.
Elsewhere, the main story on the London market today has been the violent whipsaw seen in Smith & Nephew, the medical equipment manufacturer. The shares soared into a limit-up auction seconds after news broke that Stryker were to make a bid for the firm. The shares traded by more than 13 percent higher on yesterday’s close at one point before plummeting back down below 1000p after Stryker denied the reports. The shares now trade up 3 percent at 982p.
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